logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Share:
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for pten
FinSentS NASDAQ
21 Nov 14 15:33:57
$PTEN:US Patterson-UTI Energy : Perfect timing for a technical rebound #PATTERSON-UTI ENERGY INC http://t.co/cnM4spNTPk #NASDAQ
Foster Corral
21 Nov 14 14:48:26
Dont want to lose like you did with $CMP $PH $PTEN $YOD #NSE http://t.co/lHTxW2ZG6D
Mauricio Deluca
21 Nov 14 14:02:26
Get Free research on $STLD $PTEN $RES $BWP I suggest http://t.co/ftLrBoNxFu
Astrid Link
21 Nov 14 13:45:05
Should you hold or add to $LPNT $PTEN $JLL $IBM #overvalued http://t.co/jo5L71krQz
Beckie Whittington
21 Nov 14 12:44:38
Bad #Invesments like got you down $PTEN $PGR $WFC $FEYE #Research http://t.co/06v5miaMWl
Market Int Center
21 Nov 14 12:16:31
Potential Patterson UTI Energy $PTEN Trade Has 17.86% Downside Protection ( http://t.co/w8iIj76LWI )
Tressie Clayworth
21 Nov 14 11:35:10
Looking for more info on $PTEN $OI $PHM $PCLN #wallstreet http://t.co/4l9uhZ4uBM
Mauro Atwood
21 Nov 14 11:33:11
Todays movers to research $DTE $PTEN $TSS $CBM View now http://t.co/HfggBqyTpU
Lanelle Fultz
21 Nov 14 10:50:56
Should you hold or add to $PTEN $BA $XEC $CBM #personalfinance http://t.co/iV0zg1gr6u
Necole Harter
21 Nov 14 10:50:41
Looking for more info on $PTEN $ADM $PFE $DF Goto http://t.co/zngrSEDWTg
Michelle Emery
21 Nov 14 10:50:12
Are you Bearish on these #stocks $TXN $CSCO $PTEN $GOOG #overvalued http://t.co/Mry2P9XD3b
Hilde Phipps
21 Nov 14 10:31:01
Awesome #Stock #Research on $HP $PTEN $MCK $S #NASDAQ http://t.co/IdJ6oAdCJK
Stocks Pastor
21 Nov 14 08:26:53
Let me help you reap the reward in these markets: $SCTY, $IBM, $RYN, $PTEN, $LPI, $BBG and tons of others. http://t.co/ZbgEzY8H8d
Keesha Mallory
21 Nov 14 08:21:32
Get Free research on $AVX $HFC $PTEN $GRPN #liquidity http://t.co/GKwsmpQtVb
Darin Nickerson
21 Nov 14 08:20:17
Sick and Tired of losing money on $WDC $PTEN $WEC $ABX #investing http://t.co/zWcIbrrS7I
FinSentS NASDAQ
21 Nov 14 07:49:38
$PTEN:US Patterson-UTI Energy : Perfect timing for a technical rebound #PATTERSON-UTI ENERGY INC http://t.co/5LZ3Yr5hWO #NASDAQ
Jeffrey Blake
21 Nov 14 07:01:28
$PTEN One Reason Patterson-UTI Energy (PTEN) Stock Is Tanking Today http://t.co/UDg5SiOyWr
Irma Doucet
21 Nov 14 07:01:25
$PTEN Patterson-UTI Energy (PTEN) Stock Hits One-Year Low as Oil Prices Sink to ... http://t.co/ARTRHbrOZC
Boumedian Anas
21 Nov 14 06:46:58
#Trading strategy $PTEN PATTERSON-UNI Energy http://t.co/bZePPYpOUl
Thuy Espinal
21 Nov 14 06:17:11
Latest information on #stocks like $ADSK $LRCX $PTEN $FEYE #singedinvestor http://t.co/6OtRbaJeLs
Aaron
21 Nov 14 05:18:29
$pten gap over the trendline? http://t.co/FTiK858b5R
TradingView
21 Nov 14 05:00:01
$PTEN - Different types of bullish divergence. - https://t.co/G695AStbaa
Michelle Emery
21 Nov 14 04:46:30
Is it breakout time on $AXP $ATVI $PTEN $RAX #newsletter http://t.co/YuDorTztbf
Marty Mccool
21 Nov 14 03:37:08
Are you considering selling $PTEN $FITB $DWA $TSLA #moneymanagement ACCOUNT_SUSPENDED
Janeth Linton
21 Nov 14 03:22:57
$JEC #Best #Pennystock research $PTEN $Q $ABX #financialnews ACCOUNT_SUSPENDED
Beckie Whittington
21 Nov 14 03:14:31
Stocks I'm keeping my Eye on...should you? $GEF $ATVI $PTEN $BWP #NSE http://t.co/9F4XUJ5c2r
Jamila Werner
21 Nov 14 03:04:15
$TRIP Keeping my Eye on $PTEN $WTW $RT Worth a look ACCOUNT_SUSPENDED
Melvina Stapleton
21 Nov 14 02:08:45
Bearish or Bullish on these #stocks $PTEN $ROST $URS $CADX #Stock ACCOUNT_SUSPENDED
Roxann Bayer
21 Nov 14 01:38:56
Would you like great research on stocks $NTRS $BR $PTEN $CI #economy http://t.co/gAzy5uSUec
Mellissa Fuentes
21 Nov 14 01:31:44
Should you buy, sell or hold $KEY $PTEN $DHR $USD #money http://t.co/iftFi1FOAJ
Lorriane Hall
21 Nov 14 01:06:19
Are you Bullish on these #stocks $SC $HHC $PTEN $DO #wallstreet ACCOUNT_SUSPENDED
TickerChirp
21 Nov 14 00:05:04
Popular Tweets Concerning $PTEN (Patterson Uti Energy symbol PTEN) on 11/21/2014 http://t.co/eAmBYHYrdx
TV_Trading Ideas
20 Nov 14 23:59:28
Different types of bullish divergence. $PTEN http://t.co/qNGLZPWUHb
Boris Haley
20 Nov 14 22:04:59
Are you putting your money in $A $WDC $PTEN $ABX #Stock http://t.co/LQzCipYfDO
chartguy89
20 Nov 14 21:08:03
PTEN 21.28 Stock Charts $PTEN Patterson-UTI Energy Inc. (NASDAQ) Last Updated: 11/20/2014 23:08:05 PTEN Stock http://t.co/DAKLNC76fl
Kassie Gauge
20 Nov 14 20:16:04
Get great research on stocks $DRE $COV $PTEN $EPZM Click ACCOUNT_SUSPENDED
Lettie Hatfield
20 Nov 14 18:39:30
#Stocks you migh want to Sell $LPNT $PTEN $PX $BLOX #moneymanagement http://t.co/ZyCMgalmFG
Ward Trahan
20 Nov 14 18:22:09
$YHOO #Stock Market Reports on stocks like $PTEN $GWW $HIT #economy ACCOUNT_SUSPENDED
Julissa Cato
20 Nov 14 17:52:36
#Stocks you might want to buy $CAM $PTEN $LII $LGND View now http://t.co/1z64ENqvXZ
Arvilla Phan
20 Nov 14 17:42:59
$YHOO Awesome #Stock #Research $PTEN $STI $SSO #wealthmanagement ACCOUNT_SUSPENDED
Judie Olivas
20 Nov 14 17:29:55
$PH Wow. Great #Stock #Research on $PTEN $RES $CRAY #wallstreet ACCOUNT_SUSPENDED
Alistair Perreault
20 Nov 14 16:58:08
Looking for research on $AAPL $PTEN $MAN $RAX #financial http://t.co/vfHAUeq1Ag
Nga Fortenberry
20 Nov 14 16:52:54
Avoid mistakes like $ADS $PTEN $TYC $BLOX Give it a try http://t.co/XK1WxHZytT
Louella Ivy
20 Nov 14 16:32:40
Are you thinking of Investing in $PTEN $DBD $T $AMZN #money http://t.co/V3jPklYNTm
Lu Askew
20 Nov 14 16:18:17
Are you putting your money in $RF $TDC $PTEN $SSO Goto http://t.co/K6bgOgGjXF
Cyndi Fleck
20 Nov 14 16:11:48
$BYI Todays movers to research $PTEN $HRB $USD Must have ACCOUNT_SUSPENDED
Irma Doucet
20 Nov 14 15:31:06
$PTEN Patterson-UTI Energy (PTEN) Stock Hits One-Year Low as Oil Prices Sink to ... http://t.co/0A8JyoQq6Y
SwingTradeBot
20 Nov 14 15:05:34
Scan results - Stochastic Buy Signal today: $WLH $ATHM $BSMX $SXC $BTE $PTEN $BBEP $CLVS $EIGI $APA ... http://t.co/3DkEcfBwUB
Fergus Seibert
20 Nov 14 15:02:17
Considering investing in $PTEN $JLL $ESRX $DUST #money ACCOUNT_SUSPENDED
Saran Linton
20 Nov 14 15:00:28
Looking for more info on $DRE $TSCO $PTEN $BLOX #wallstreet http://t.co/csoDIEfaDl
				
				
By  +Follow October 4, 2013 8:22AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.